The National Pension Commission (PenCom) says the Federal Government has failed to comply with the new minimum statutory pension contribution of 18 percent since 2014 when the new provision was introduced.
The Director-General of the Commission, Aisha Dahir-Umar, said this during an oversight visit of the Senate Committee on Establishment and Public Services to PenCom office in Abuja on Wednesday.
Dahir-Umar added that the Federal Government was yet to pay the approved 15 percent and 33 percent pension increases to pensioners under the Contributory pension Scheme (CPS).
According to her, the shortfall for payment of full retirement benefits of retired Heads of Service and Permanent Secretaries as well as Pension Protection Levy have also not been paid.
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“These have created sad and negative impression on the full realization of the objectives of the CPS in Nigeria,” she said.
She stated that a large number of Federal Government employees who retired between March 2020 and March 2021 under the CPS were yet to receive their pensions due to non-payment of their Accrued Pension Rights.
“This challenge, which started in 2014, was essentially triggered by the appropriation of insufficient amounts for payment of Accrued Pension Rights of FGN retirees and further aggravated by late or non-release of full appropriated amounts,” she said.
Speaking on the gains of the CPS, she said Retirement Savings Account (RSA) registration has reached 9.27 million as at January 2021 and the value of accumulated pension assets has also reached N12.3 trillion as of January 2021.
